ENTR 20000 Chapter 3: Feasibility Analysis
20 Jan 2019
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Document Summary
Feasibility analysis-the process of determining if a business idea is viable. A business plan is more focused on planning and selling. Primary research-research that is collected by the person or persons completing the analysis. Includes talking to prospective customers, getting feedback from industry experts, conducting focus groups and administering surveys. Includes industry studies, census bureau data, analyst forecasts, and other pertinent information gleaned through library and internet research. Allows ideas to be revised, altered, and changed from feedback. Product/service feasibility- an assessment of the overall appeal of the product or service being proposed. Affirm that the proposed product or service is desirable and serves a need in the marketplace. Ask the following questions to determine the basic appeal of the product or service. Concept test-a representation of the product or service to prospective uses to gauge customer interest, desirability and purchase intent. Keep concept statements short (no more than 1 page) so its likely to be read.
